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Saturday, December 3, 2022

Sao Mai Group to transfer entire stake in tea company

The Saigon Times

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HCMC – Sao Mai Group Corporation (ASM) has passed a plan to transfer all its stake in Jun Chow Tea Ltd., Co.

Jun Chow Tea Company has its charter capital of VND44.85 billion. It is headquartered in Nghia Tan Ward, Gia Nghia City, Dak Nong Province in the Central Highlands.

Regarding the business performance of Sao Mai Group, its revenues totaled over VND3.2 trillion and its after-tax profit VND324 billion in the first quarter of 2022, up over 15% and nearly 116%, respectively, against the same period last year. Its gross profit margin improved from 11.9% to 16.2%.

In the first quarter, the group’s gross profit expanded nearly 57%  year-on-year, or rising by an additional VND187 billion to VND518 billion. Its financial revenue inched up over 43% to some VND101 billion while its expenditure fell 9% to VND109 billion. Its sale and administrative expenses rose almost 44% to VND153 billion.

The group attributed the rising revenues to its fish fillet exports bouncing back.

This year Sao Mai looks to book VND14.7 trillion in net revenue and VND1.6 trillion in after-tax profit. In the first quarter, it hit 19.9% of the profit target.

Closing the session today, June 27, ASM rose 1.64% against last Friday to VND15,450.

In related news, the benchmark VN-Index on the Hochiminh Stock Exchange added 17.34 points, or 1.46% versus the previous session at 1,202.82, with 340 winners and 116 losers. Turnover on the southern bourse inched up 10% in volume and nearly 21% in value compared to last Friday at 526 million shares and more than VND12 trillion.

On the northern bourse, the HNX-Index gained 4.5 points, or 1.63% over the previous session at 280.42, with 145 advancers and 51 decliners.

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